Experience the next generation of Yield Farming on Heco Chain with MakiSwap. This is how DeFi (decentralized finance) was meant to be with fast transactions and super low fees.
In this guide you will learn how to create Liquidity Provider (LP) tokens, stake and unstake your LP tokens in the MakiSwap Yield Farms and remove liquidity anytime you wish.
When users provide liquidity for a token pair, they receive LP tokens that represent shares of liquidity in the pool.
Start by going to the MakiSwap website and connecting your wallet. If you have not done so, you will need to add the Heco RPC to your wallet.
For this example, we will create LP tokens for the MAKI/HT pair and stake them in the high yield MakiSwap yield farm. To create LP tokens, you need a 50/50 amount of each token (in value). You can create any amount you want. For simplicity, we started with 1 HT token and swapped .5 for MAKI on the MakiSwap exchange.
The easiest way to get started is by clicking “Farms” in the main menu on the MakiSwap website. From here you can browse all currently available yield farms with lots of new options added often.
Once you have chosen your desired pool, click to expand details and find a convenient link to create LP tokens for that pair. You can skip ahead to Staking LP Tokens if you have already done this.
Creating LP Tokens
This brings us to the liquidity page with the correct tokens pre-filled. Enter any amount or “max” of one token and the other token will automatically fill with the proper amount to create a 50/50 pair.
Tip: When creating HT pairs remember not to use all your HT because you will always need some for gas fees.
Now click “Approve MAKI” and “Confirm” in your wallet.
Then click “Supply” to create the LP token pair and “Confirm” once again in your wallet. You are now providing liquidity to your chosen pool and earning fees. You should see new LP tokens in your wallet.
Staking LP Tokens
Now that you have created your LP tokens, you can stake them in the MakiSwap Yield Farm. Go back to your chosen farm. Click “Approve Contract” and “Confirm” in your wallet.
Now you will see the option to "Stake LP"
Enter an amount to stake or select "Max" and click "Confirm". Then click "Confirm" in your wallet again.
You are now staking your LP tokens in the MakiSwap Yield Farm to maximize returns. You will see some new options and real-time data on your stake in the farm. Each action will require you to confirm the transaction in your wallet as shown in previous steps.
· Harvest – withdraw reward tokens to your wallet
· Plus (+) Button – add LP tokens to the farm
· Minus (-) Button – remove LP tokens from the farm
Unstake LP Tokens
When you are ready to unstake your LP tokens simply click the Minus (-) button and unstake any amount to return the LP tokens to your wallet. You will simply reverse the staking process and confirm in your wallet as shown in the previous step.
Once your LP tokens are back in your wallet, you can split the LP back into individual tokens from the liquidity page. Expand the “Trade” menu and click “Liquidity” to see live data on your LP tokens. When you are ready to split the LP click “Remove”
Notice you can also “Add” more liquidity from this page.
Use the slider or preset percentages to select the amount to split. This is a three (3) step process of “Approve” and “Remove” and “Confirm” with each requiring you to “Confirm” in your wallet as shown in previous steps.
Congratulations! You now have the knowledge to become a Master Chef. Now you can sharpen your skills by trying out different farms and be the first to enter new farms as they are added.